GREEK DEBT CRISIS
G R E E K D E B T C R I S I S Greece has threatened to default on its debts ( AFP) Overview of the Greek debt crisis The Greek financial crisis was a series of debt crises that began with the global financial crisis in 2008. The debt crisis originated from the economic mismanagement and misreporting of economic performance by successive governments together with failure to remedy a growing collection of warning signs by several investors. It became more critical when a possible debt default threatened the European Union. As a result, Greece owed money to a number of countries and organizations for more than €300 billion. Greece was most indebted to Germany, France, Italy, and Spain most of which hasn’t been paid back. ______________________________________________________________ Cause of the Greek debt crisis 1. Global financial crisis The global financia...